Why Today’s Market Is Perfect for Buying a Used Car
If you’re considering buying a used car, this might be the best time to buy one, data experts say. Bolstered by a recent report from Edmunds and projections by Cox Automotive economists, industry experts identify the current market as the best time to buy a used car — better than ever before. Here’s why.
Don’t put off buying a used car any longer… or you might miss out
On the heels of data released by Edmunds last week, analysts have been crunching numbers to size up the state of the used car market. Edmunds estimates that buying a three-year-old car can save you an average $13,339 over buying the same model new. This rate shows that used car prices are staggeringly low — in relation to their new model counterparts, at least. While used car prices are still generally higher than what they were a decade ago, they’re far less in comparison to full prices on the same models.
The savings are particularly high in segments where there’s less demand, like in full-size and mid-size sedans, where estimated savings of an off-lease versus a new car can reach nearly 50 percent. With 2019 models arriving at dealerships, 2016 models on three-year leases have begun returning and are being prepped for CPO sales. Fewer models are going to auction, and dealerships are holding onto more pre-owned models in case new tariffs hurt their new car sales.
The bottom line is that buying a used car is a wise decision in today’s economy. You’re bound to find a stellar deal on a model that’s in fairly good condition. No one can be sure how long this trend will last, so if you’ve been considering buying a used car, take action!